UPDATED 07:15AM: LISTED agribusiness Ruralco Holdings is now searching for a new chief executive and a new chief financial officer after boss John Maher said he would step down on Monday.
The rural services group said that Mr Maher, who has led the company for nine years, is now leaving after achieving "strong growth during that period".
No reason was given for Mr Maher's departure in Ruralco's statement to the ASX.
Ruralco chairman Richard England said the board wishes Mr Maher success in the future.
"Under John's leadership, Ruralco has grown to become a much stronger and diverse business by product, commodity and geography. We thank John for his commitment and hard work during his time with the business," Mr England said in a statement.
Mr Maher said it has been "a real privilege" working with everyone at Ruralco.
News of Mr Maher's departure follows Friday's announcement that chief financial officer Ruth Martin was leaving the business.
Ms Martin is leaving to pursue another opportunity but will continue in her role until July 10. She is the seventh CFO at Ruralco in nine years.
Ruralco general manager of rural retail, Travis Dillon, has been appointed acting chief executive of Ruralco until a permanent appointment is made.
The agribusiness group announces first half profit results on May 18.
It said it expects to report statutory first half profit of $9.5 million to $10.5 million.
Prominent investors including Robert Millner and Chris Corrigan are major backers of Ruralco.
The Millner-chaired investment group Washington H. Soul Pattinson owns 20.5 per cent of Ruralco while the Corrigan-chaired private equity business Kaplan owns 13 per cent of Ruralco's stock.
Under a cloud
The quick departure of Mr Maher and Ms Martin, the latest in a string of chief financial officer resignations, has left the company under a cloud and raises questions about financial controls at the listed agribusiness.
The company broke with its previous habit of leaving Mr Maher's or Mr England's contact details at the bottom of its news releases and instead provided public relations contacts who did not assist Fairfax Media.
"Richard England doesn't feel there is anything further to add," a spokesperson said.
The departure of Mr Maher, just weeks before Ruralco's half-year result on May 19, is understood to have been prompted by Ms Martin's resignation.
"It's never good to see the CFO and CEO leave in a short space of time. It creates a lot of uncertainty. But they have obviously had a strong half on the back of recent acquisitions," Morgans analyst Belinda Moore said.
No CFO has lasted more than two years at the company. In between Andrew Ferguson's and Ms Martin's time in the CFO chair the position was "covered internally".
The internal cover is understood to have been provided by convicted insider trader Ulf Lindskog. Mr Lindskog was brought in by Mr Maher as an adviser during Ruralco's failed takeover play for rival Elders.
"There are two sides to (John Maher's) personality," said a company insider. "One was quite affable and friendly. He managed up well."
The heavy turnover of the CFO role has been accompanied by significant board turnover. The previous two chairs of the audit committee lasted less than two years in that role.
